Molecular Detection Inc. (MDI), a company developing Detect-Ready® tests designed to increase the speed and accuracy of infectious disease diagnosis, today announced that it has completed a $1.9 million Series B recapitalization financing. All existing MDI investors, including MentorTech Ventures, Robin Hood Ventures, Elm Spring Holdings and the Mid-Atlantic Angel Group participated. The Series B recapitalization financing is in addition to a $1.5 million funding round announced by MDI earlier this year.
The funds will be used primarily to further advance MDI's Detect-Ready MRSA Panel and to develop MDI's new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) infections in hospitalized patients. "This is an exciting time as we advance the development and commercialization of our Detect-Ready tests for serious infections that are prevalent in hospitals," said Todd Wallach, CEO and chairman of MDI. "We appreciate the continuing support of our investors, which will enable us to expand our market presence worldwide and continue development of our new panels for sepsis and GI infections."
The Detect-Ready MRSA Panel is CE-marked for the detection of MRSA (methicillin-resistant Staphylococcus aureus) and MSSA (methicillin-sensitive S. aureus) pathogens. It is the only marketed PCR-based MRSA screening test with the proven ability to discriminate accurately between these pathogens and other related bacteria. The Detect-Ready MRSA Panel is currently available in the UK, Germany, Ireland, Switzerland, Spain, Austria, the Netherlands, Belgium, Luxembourg, Australia and Israel, and is in late-stage development in the US.
MDI's Detect-Ready sepsis panel leverages MDI's patent-protected technology to pinpoint the source of the underlying infection and allow treatment to begin as soon as possible. Similarly, MDI's Detect-Ready gastrointestinal panel aims to be the first that can rapidly distinguish the source of serious GI infections in hospitalized patients. MDI plans to launch the sepsis and GI panels in the European Union during 2012.